Slide 1: 2026 Annual Meeting
2026 Annual Meeting MAY 1 3, 20 2 6 1
Slide 2: Overview
a TEJON RANCH
Slide 3: What We’ll Cover Today
OVERVIEW What We’ll Cover Today 1. The world is moving in our favor. TA K I N G A D VA N TAG E O F M A R K E T T R E N D S 2. We have a clear plan. TAC TIC AL O B J ECT IVES 3. We are making tangible progress on our commitments. DISCIPLINED FREE CASH FLOW GROWTH 3
Slide 4: From Fog To Clear Skies Ahead
OVERVIEW From Fog To Clear Skies Ahead https://www.wsj.com/us-news/climate-environment/a-record-fog-snarled- highwaysbut-is-sustaining-californias-orchards-6db0f49c?mod=hp_featst_pos4 4
Slide 5: The World is Moving in Our Favor
PA R T I The World is Moving in Our Favor TA K I N G A D V A N TA G E O F M A R K E T T R E N D S 5
Slide 6: TRCC Industrial Growth – Breaking Ground
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S TRCC Industrial Growth – Breaking Ground B U I LD ING 1 B , 510 ,0 0 0 S F G RO U N D B R EAKIN G M AY 2 0 2 6 6
Slide 7: TRCC Industrial Growth – Breaking Ground
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S TRCC Industrial Growth – Breaking Ground HARD ROCK CASINO TEJON OPENED NOVEMBER 2025 7
Slide 8: TRCC Residential - Leveraging Central Valley Growth
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S TRCC Residential - Leveraging Central Valley Growth California County Jobs And Population Percentage Growth – 2015 TO 2025 8
Slide 9: TRCC Residential Central Valley Growth
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S TRCC Residential Central Valley Growth T E R R A V I S TA AT T E J O N PHASE 2 – 267 UNITS 9
Slide 10: TRCC Residential Central Valley Growth
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S TRCC Residential Central Valley Growth T E R R A V I S TA AT T E J O N PHASE 2 – 267 UNITS 10
Slide 11: TRCC Residential Central Valley Growth
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S TRCC Residential Central Valley Growth GRAPEVINE MASTER PLANNED COMMUNITY 12,000 HOUSING UNITS 11
Slide 12: Master Planned Communities Leverage Abundance & Affordability
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S Master Planned Communities Leverage Abundance & Affordability CENTENNIAL 19,333 HOUSING UNITS 12
Slide 13: Master Planned Communities Leverage Abundance & Affordability
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S Master Planned Communities Leverage Abundance & Affordability T E J O N M O U N TA I N V I L L AG E 3,450 HOUSING UNITS 13
Slide 14: Infrastructure will become increasingly important
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S Infrastructure will become increasingly important CALIFORNIA AQUEDUCT 10 TURNOUTS SERVING TEJON RANCH 14
Slide 15: Mineral Segment Leverages Inflation And The Increasing Cost Of Raw Materials
TA K I N G A D VA N TAG E O F M A R K E T T R E N D S Mineral Segment Leverages Inflation And The Increasing Cost Of Raw Materials N AT I O N A L C E M E N T P L A N T TRC GROUND LEASE 15
Slide 16: We Have A Clear Plan
PA R T I I We Have A Clear Plan TA C T I C A L O B J E C T I V E S 16
Slide 17: Disciplined Cap Ex vs. EBITDA
TAC TIC AL O B J ECT IVES Disciplined Cap Ex vs. EBITDA C O N S T E L L AT I O N / C A L P I N E PASTORIA ENERGY FACILIT Y TRC GROUND LEASE 17
Slide 18: Water and a Return on Our Balance Sheet
TAC TIC AL O B J ECT IVES Water and a Return on Our Balance Sheet SKINNER POND 18
Slide 19: Expanded Revenue Base
TAC TIC AL O B J ECT IVES Expanded Revenue Base PASTORIA SOLAR FIELD TRC GROUND LEASE 19
Slide 20: Less Capital Intensive Real Estate Approach
TAC TIC AL O B J ECT IVES Less Capital Intensive Real Estate Approach 20
Slide 21: Shareholder Engagement & Governance
TAC TIC AL O B J ECT IVES Shareholder Engagement & Governance o Board voted to reduce Board size from 10 to 9 after 2026 annual meeting and from 9 to 7 after 2027 meeting o Board voted to eliminate Executive Committee o Redesigned executive compensation plan o Increased financial disclosures o Initi
Slide 22: We’re Making Tangible Progress on Our Commitments
PA R T I I I We’re Making Tangible Progress on Our Commitments DISCIPLINED EARNINGS GROW TH 22
Slide 23: Financial Results
DISCIPLINED EARNINGS GROWTH Financial Results Key Financial Metrics Revenue by Segment ($ in thousands) FY 2024 FY 2025 FY 2025 FY 2024 Change Total Revenues $49.6M $41.9M +18% 18,738 15,006 Adjusted EBITDA $25.3M $23.4M +8% 13,925 12,552 EBITDA $19.0M $19.2M (1%) 10,214 9,636 JV Equity Earnings $8.
Slide 24: Balance Sheet & Cash Flow
DISCIPLINED EARNINGS GROWTH Balance Sheet & Cash Flow BALANCE SHEET HIGHLIGHTS FY 2025 FY 2024 CASH FLOW SUMMARY FY 2025 FY 2024 Total Current Assets $39.3M $69.4M Operating Activities $6.1M $14.3M Investing Activities ($62.3M) ($25.7M) Real Estate Development $356.6M $377.9M Financing Activities $2
Slide 25: Continuous Operational Streamlining
DISCIPLINED EARNINGS GROWTH Continuous Operational Streamlining Key Takeaways • FY 2025 Adj. EBITDA of $25.3M, up Adjusted EBITDA ($ in thousands) +8% YoY, reflects sustained operational improvement 40,000 Quarterly Adj. EBITDA TTM Adj. EBITDA • TTM trough of ~$17M in early 2024 reversed through cos
Slide 26: Implementing Our Plan
DISCIPLINED EARNINGS GROWTH Implementing Our Plan 2 02 6 2 027 ✓ ✓ ✓ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ENHANCED ADDITIONAL S U P P L E M E N TA L TRCC M O U N TA I N V I L L AG E FINANCIAL INVESTMENTS C A P I TA L R A I S E I N F O R M AT I O N REPORTING PROCESS C U L M I N AT E S BOARD SIZE YEAR-OVER-YEAR R
Slide 27: Rise Above the Fog
Rise Above the Fog https://www.latimes.com/california/story/2025-12-09/persistent-fog-clouds- central-california-could-bring-record-cool-december 27
Slide 28: Soarin’ Over Tejon
Soarin’ Over Tejon 28
Slide 29: Disclaimer
Disclaimer Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities laws. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding the Company’s business plans,
Slide 30: Adjusted EBITDA
R E C O N C I L L I AT I O N S Adjusted EBITDA Year-Ended December 31, ($ in thousands) 2025 2024 2023 Net income $ 71 $ 2,688 $ 3,265 Net loss attributed to non-controlling interest (4) (2) - Net income attributed to common shareholders 75 2,690 3,265 Interest, net Consolidated interest income (914
Slide 31: TTM Adjusted EBITDA Analysis
R E C O N C I L L I AT I O N S TTM Adjusted EBITDA Analysis Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ── EBITDA BRIDGE ── Net income (loss) $13,275 $14,209 $3,684 $3,265 $577 $1,267 ($228) $2,690 $2,140 ($529) $2,977 $75 (+) Interest, net